SEC Loses First Round Against Siebel on Reg FD

    In the SEC's first case in the federal courts on Regulation FD, its case against Siebel, the SEC took it on the chin.  Press Story  United States District Court Judge George Daniels hammered the agency for nitpicking.  The SEC adopted Regulation FD in 2000, prohibiting publicly-traded companies and their senior officers from selectively disclosing material non-public information to traders in the markets.  The SEC sued Siebel for remarks made by two Siebel executives at a private dinner meeting with investors.  The remarks, according to the SEC, were more optimistic than the Siebel current public disclosures (i.e. the sale activity was "better").  The Judge disagreed.  He essentially found that the SEC was over-reaching in applying the Regulation to the executive's private statements.  The SEC has 90 days to appeal the case.